UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2005
                               --------------

                                       OR

[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

For the transition period from ___________ to _____________

Commission file number 0 - 24012


                               KODIAK ENERGY INC.
                      -------------------------------------
             (Exact name of registrant as specified in its charter)


              Delaware                                 65-0967706
   -------------------------------                 ----------------
   (State or other jurisdiction of                 (I.R.S. Employer
    incorporation or organization)                Identification No.)


            31 Walmer Rd., Unit 6, Toronto, Ontario, M5R 2W7, Canada
            --------------------------------------------------------
               (Address of principal executive offices - Zip code)

                                (416) 928 - 3095
                                ----------------
              (Registrant's telephone number, including area code)






<PAGE>


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act during the
preceding 12 months (or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements for
the past 90 days.

     Yes        No  X
         ---       ---

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE
PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court.

     Yes  X     No
         ---       ---

     As of March 31, 2005, the Registrant had approximately 474,028 shares of
Common Stock, $.001 par value per share outstanding.

























                                      -2-
<PAGE>


                               KODIAK ENGERY INC.

                                      INDEX


                                                                         Page
                                                                         ----

PART I.   FINANCIAL INFORMATION............................................4

ITEM 1.   FINANCIAL STATEMENTS.............................................4

   Condensed Consolidated Balance Sheets as of March 31, 2005
   (unaudited) and December , 2004.........................................5

   Condensed Consolidated Statements of Operations (unaudited) for
   the three ended March 31, 2005 and 2004.................................6

   Condensed Consolidated Statements of Cash Flows (unaudited) for
   the three months ended March 31, 2005 and 2004..........................7

   Notes to Condensed Consolidated Financial Statements....................8

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OR
          PLAN OF OPERATION...............................................10

ITEM 3.   QUANTITATIVE AND QUALITATIVE DISCLOSURES
          ABOUT MARKET RISKS..............................................12

ITEM 4.   CONTROLS AND PROCEDURES.........................................12

PART II.  OTHER INFORMATION

ITEM 1.   LEGAL PROCEEDINGS...............................................12

ITEM 2.   CHANGES IN SECURITIES AND USE OF PROCEEDS.......................12

ITEM 3.   DEFAULTS UPON SENIOR SECURITIES.................................12

ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K................................12









                                      -3-
<PAGE>


                          PART I. FINANCIAL INFORMATION

ITEM 1.   FINANCIAL STATEMENTS

On February 5, 2003, Island Critical Care Corp. (the "Company" or the
"Registrant") filed a Petition for Relief under CCAA of the Canadian. Bankruptcy
Code in the Canadian Bankruptcy Court in and for the District of Prince Edward
Island, Division No. 01-Prince Edward Island Court No. 1713, Estate No.
51-104460, titled "Island Critical Care Corp." ("the Bankruptcy Action"). See
Form 8-K filed by the Company on February 7, 2003 for additional information.

On April 7, 2004, after notice to all creditors and a formal hearing, Canadian
Bankruptcy Judge Charles P. Thomson issued an "Order Approving Proposal" in the
Bankruptcy Action (hereinafter "Bankruptcy Order"). In conjunction with that
Bankruptcy Order, the Company's liabilities, among other things, were paid off
and extinguished.

The Company emerged from CCAA on April 7, 2004. The Bankruptcy Order, among
other things, implements a change of control whereby a new investor, took
control of the Company.

The company changed its name to Kodiak Energy, Inc. on December 27, 2004.




























                                      -4-
<PAGE>


KODIAK ENERGY INC.
(Development Stage Company)
BALANCE SHEETS

                                                       March 31,      December,
                                                         2005            2004
                                                     ------------   ------------
ASSETS

CURRENT ASSETS
   Cash                                              $      --      $      --

                                                     ------------   ------------
      Total Assets                                                  $      --
                                                     ============   ============

LIABILTIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
   Accounts payable                                       43,841    $    36,713
                                                     ------------   ------------

                                                     ------------   ------------
      Total Current Liabilities                           43,841         36,713
                                                     ------------   ------------

STOCKHOLDERS' EQUITY (DEFICIT)
   Common stock
      50,000,000 shares authorized, at $0.001
      par value; March 31, 2005 - 474,028,
      December 31, 2004 - 47,900,812 shares
      issued and outstanding                              47,356         47,356
   Capital in excess of par value                      1,792,720      1,792,720
   Deficit accumulated during the development stage   (1,883,917)    (1,876,789)

                                                     ------------   ------------
      Total Stockholders' Equity (Deficit)               (43,841)       (36,713)
                                                     ------------   ------------

                                                     ------------   ------------
                                                     $         0    $      --
                                                     ============   ============

The accompanying notes are an integral part of these financial statements.








                                      -5-
<PAGE>


KODIAK ENERGY INC.
(Development Stage Company)
STATEMENTS OF OPERATIONS


                                       Three Months Three Months   April 1, 2003
                                          March 31,    March 31,        to
                                               2005         2004  March 31, 2005
                                         ----------   ----------  --------------
REVENUES                               $      --      $      --     $    24,708
  Cost of Sales                        $      --      $      --     $    20,346
                                       ------------   -----------   -----------
Gross Profit                                  --             --           4,362

EXPENSES
   Administrative                            7,128           --          56,498
   Depreciation                               --             --          16,967
                                       ------------   -----------   -----------
                                             7,128           --          73,465
                                       ------------   -----------   -----------

NET LOSS - before other income
 and expenses                               (7,128)          --         (69,103)

 Other Income (Expenses)                      --
 Interest Expense                             --             --             (99)
 Write off of Goodwill                        --             --         (25,000)
 Gain on disposal of assets                   --             --         230,490
                                       ------------   -----------   -----------
NET LOSS                                    (7,128)          --         136,288

Other Comprehensive Income

Foreign currency translation
 adjustment                                   --             --          (9,367)

                                       ------------   -----------   -----------
NET LOSS                               $    (7,128)   $      --     $   126,921
                                       ============   ===========   ===========

NET LOSS PER COMMON SHARE
   Basic                               $     (0.02)  $      0.00

AVERAGE OUTSTANDING SHARES
   Basic                                   474,028     32,900,812



The accompanying notes are an integral part of these financial statements.


                                      -6-
<PAGE>



KODIAK ENERGY INC.
(Development Stage Company)
STATEMENTS OF CASH FLOWS
                                       Three Months Three Months  April 1, 2003
                                          March 31,    March 31,        to
                                               2005         2004  March 31, 2005
                                         ----------   ----------  --------------
CASH FLOWS FROM OPERATING ACTIVITIES
 Net loss                                $  (7,128)   $    --        $ 136,288
 Adjustments to reconcile net loss to
 net cash provided by operating
 activities
  Contributions to capital - expenses         --           --           25,900
  Gain on sale of assets                      --           --         (230,490)
  Depreciation and amortizaion                --           --           16,967
  Issuance of common stock for services       --           --             --
 Changes in assets and liabilities
  Changes in accounts recievable              --           --           10,290
  Inventory                                   --           --           17,893
  Prepaid expenses                            --           --            4,157
  Changes in accounts payable                7,128         --            5,568
                                         ----------   ----------     ----------
 Net Decrease in Cash from Operations           (0)        --          (13,427)

CASH FLOWS FROM INVESTING ACTIVITIES
 Proceeds from sale of assets                 --           --          302,997

CASH FLOWS FROM FINANCING ACTIVITIES
 Payment on debt                              --           --         (264,842)

Exchange Rate Adjustment                      --           --          (29,420)

 Net Increase (Decrease) in Cash              --           --           (4,692)
 Cash at Beginning of Period                  --           --            4,692
                                         ----------   ----------     ----------
 Cash at End of Period                   $    --      $    --        $    --
                                         ==========   ==========     ==========






The accompanying notes are an integral part of these financial statements.



                                      -7-
<PAGE>


KODIAK ENERGY INC.
NOTES TO  FINANCIAL STATEMENTS

1. BUSINESS

Kodiak Energy Inc. (the "Company") is a company that intends to look for
projects in the oil and gas business.

Prior to April 7, 2004, the Predecessor Company, known as Island Critical Care
Corp, was engaged primarily in the manufacture and distribution of a medical
device called a VitalSat Pulse Oximeter.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Accounting Methods
------------------

The Company recognizes income and expenses based on the accrual method of
accounting.

Dividend Policy
---------------

The Company has not yet adopted a policy regarding payment of dividends.

Income Taxes
------------

Income taxes are computed using the asset and liability method. Under the asset
and liability method, deferred income tax assets and liabilities are determined
based on the differences between the financial reporting and tax bases of assets
and liabilities and are measured using the currently enacted tax rates and laws.
A valuation allowance is provided for the amount of deferred tax assets that,
based on available evidence, are not expected to be realized.

Basic and Diluted Net Income (Loss) Per Share
---------------------------------------------

Basic net income (loss) per share amounts are computed based on the weighted
average number of shares actually outstanding. Diluted net income (loss) per
share amounts are computed using the weighted average number of common shares
and common equivalent shares outstanding unless the exercise becomes
antidilutive and then only the basic per share amounts are shown in the report.


                                      -8-
<PAGE>


Goodwill
--------

The Company has adopted Statement of Financial Accounting Standards No. 142,
"Goodwill and Other Intangible Assets". On April 7, 2004, the Company assigned
the $25,000 purchase price for 15,000,000 common shares as goodwill to its sole
reporting unit. At the same time, the Company conducted an impairment test and
determined that the goodwill balance was fully impaired due to uncertainty with
regard to future cash flows, a general lack of financial resources, and items
described in note 5 below. In accordance with this impairment, the Company wrote
off the entire goodwill balance against earnings.

Financial Instruments
---------------------

The carrying amounts of financial instruments, including cash and accounts
payable, are considered by management to be their estimated fair values.

Estimates and Assumptions
-------------------------

Management uses estimates and assumptions in preparing financial statements in
accordance with generally accepted accounting principles. Those estimates and
assumptions affect the reported amounts of the assets and liabilities, the
disclosure of contingent assets and liabilities, and the reported revenues and
expenses. Actual results could vary from the estimates that were assumed in
preparing these financial statements.

Comprehensive Income
--------------------

The Company adopted Statement of Financial Accounting Standards No. 130. The
adoption of this standard had no impact on the total stockholder's equity.

Recent Accounting Pronouncements
--------------------------------

The Company does not expect that the adoption of other recent accounting
pronouncements will have a material impact on its financial statements.



3. REORGANIZATION

On February 5, 2003, Island Critical Care Corp. (the "Company" or the
"Registrant") filed a Petition for Relief under CCAA of the Canadian. Bankruptcy
Code in the Canadian Bankruptcy Court in and for the District of Prince Edward
Island, Division No. 01-Prince Edward Island Court No. 1713, Estate No.
51-104460, titled "Island Critical Care Corp." ("the Bankruptcy Action"). See
Form 8-K filed by the Company on February 7, 2003 for additional information.


                                      -9-
<PAGE>


On April 7, 2004, after notice to all creditors and a formal hearing, Canadian
Bankruptcy Judge Charles P. Thomson issued an "Order Approving Proposal" in the
Bankruptcy Action (hereinafter "Bankruptcy Order"). In conjunction with that
Bankruptcy Order, the Company's liabilities, among other things, were paid off
and extinguished.

The Company emerged from CCAA on April 7, 2004. The Bankruptcy Order, among
other things, implements a change of control whereby a group of new investor,
took control of the Company.

The Bankruptcy Order, among other things, implements a change of control whereby
Marc Juliar ("Juliar"), took control of the Company. The principal provisions of
the Plan, which are authorized and implemented by the Bankruptcy Order, are the
following, which is not an exhaustive list thereof:

     a)   the termination of present management and the present Board of
          Directors and appointment of Mr. Marc Juliar in their place and stead;

     b)   issuing 15,000,000 shares of the companies common stock to Mr. Juliar
          for $25,000.

4. GOING CONCERN

The Company intends to seek a business opportunity that may provide a profit,
however, the Company does not have the working capital necessary to be
successful in this effort and to service its debt.

Continuation of the Company as a going concern is dependent upon obtaining
additional working capital and the management of the Company has developed a
strategy, which it believes will accomplish this objective through short term
related party loans and long term financing which will enable the Company to
operate for the coming year.


ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

All statements contained herein that are not historical facts, including, but
not limited to, statements regarding the Company's current business strategy,
the Company's projected sources and uses of cash, and the Company's plans for
future development and operations, are based upon current expectations. These
statements are forward-looking in nature and involve a number of risks and
uncertainties. Actual results may differ materially. Among the factors that
could cause actual results to differ materially are the following: the
availability of sufficient capital to finance the Company's business plans on
terms satisfactory to the Company; competitive factors; changes in labor,


                                      -10-
<PAGE>


equipment and capital costs; changes in regulations affecting the Company's
business; future acquisitions or strategic partnerships; general business and
economic conditions; and factors described from time to time in the reports
filed by the Company with the Securities and Exchange Commission. The Company
cautions readers not to place undue reliance on any such forward-looking
statements, which statements are made pursuant to the Private Litigation Reform
Act of 1995 and, as a result, are pertinent only as of the date made.

PLAN OF OPERATION

The Company is no longer operating as Island Critical Care Corp., the
Predecessor Company, and has emerged from CCAA protection as a development stage
company with no assets and liabilities. The company changed its name to Kodiak
Energy, Inc. in December 2004.

As a result of the Bankruptcy Order and the implementation of the Order
Approving the Proposal, we are currently headquartered in Toronto, Canada at the
address set forth above. We intend to look for opportunities in the oil and gas
business.

OFFICES

Administrative operations are conducted from the offices used by Mr. Juliar in
Toronto, Canada. We expect to operate for as long as possible from these offices
to minimize operating expenses. We do not currently pay rent for these offices
and do not anticipate paying rent any such offices in the near future. Our
operations do not currently require office or laboratory space to meet our
objectives, and therefore administration from these offices is sufficient. At
some point in the future, as may be necessary to implement and carry our plans
to engage in the oil and gas business, we may require additional office space
requiring rental expense, but we do not anticipate any such need during the next
six to nine months. We will however, incur common office operating expenses such
as telephone, office supplies, postage, etc.

RAISING CAPITAL

The Company currently lacks the capital resources to implement and carry out its
business plan as described herein. Operations to date have involved
identification of properties and leases we wish to investigate for oil and gas
potential. We believe we have sufficient capital resources funded through
current shareholders to perform initial investigations in this regard. At some
point in the future we expect to raise additional capital, either through debt,
equity or any combination thereof. In the event that additional capital is
raised at some time in the future, existing shareholders will experience
dilution of their interest in the Company.


                                      -11-
<PAGE>


ITEM 3.   QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS

None.

ITEM 4.   CONTROLS AND PROCEDURES:


Mr. Marc Juliar, the Company's current President, CEO and CFO has concluded,
based on his evaluation as of a date within 90 days prior to the filing of this
report, that the Company's disclosure controls and procedures are effective to
ensure that information required to be disclosed by the Company in the reports
filed or submitted by it under the Securities Exchange Act of 1934, as amended,
is recorded, processed, summarized and reported as specified in the Securities
and Exchange Commission's rules and forms, and include controls and procedures
designed to ensure that information required to be disclosed by the Company in
such reports is accumulated and communicated to the Company's management, as
appropriate, to allow timely decisions regarding required disclosure.


                           PART II. OTHER INFORMATION

ITEM 1.   LEGAL PROCEEDINGS

None.

ITEM 2.   CHANGES IN SECURITIES AND USE OF PROCEEDS

Pursuant to the Bankruptcy Order, the Company completed issued 15,000,000 shares
to March Juliar on April 7, 2004.

ITEM 3.   DEFAULTS UPON SENIOR SECURITIES

See Item 1 of Part I hereof titled "Financial Information" and Item 2 of Part 1
hereof titled "Management's Discussion and Analysis or Plan of Operation" for a
detailed discussion of the Company's Bankruptcy Action.


ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K

EXHIBITS

     31.1 - Certification of President Pursuant to Section 302 of the
     Sarbanes-Oxley Act of 2002

     31.2 - Certification of Chief Financial Officer to Section 302 of the
     Sarbanes-Oxley Act of 2002

     32 - Certification of President and Chief Financial Officer Pursuant to
     Section 906 of the Sarbanes-Oxley Act of 2002

REPORTS ON FORM 8-K

None.


                                      -12-
<PAGE>


                                   SIGNATURES
                                   ----------

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                            KODIAK ENERGY, INC.
                                            (Registrant)


Dated: April 7, 2005                    By: /s/  Marc Juliar
                                            -------------------
                                            Marc Juliar
                                            President, CFO and Sole Director
























                                      -13-